BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

To monitor and control the performance of the Fund, BIC Inc. and the Investment Manager must comply with the objectives set out in the “Statement of Investment Policy and Objectives”. The basic goal underlying the establishment of these guidelines is to ensure that the Fund assets, together with the expected contributions and investment returns, are invested in a prudent manner so that the Fund will be sufficient to meet the obligations of the Plan as

they come due. The long-term investment strategy is to invest approximately 48% in bonds, 10% in Canadian equities, 30% in global equities, 10% in emerging markets equities and 2% in cash

and cash equivalents.

For other countries , the plans depend on local legislation, the ● activity and other historical practices of the subsidiary.

18-2

Change in the net obligation of defined-benefit plans

Other employee benefits

Total employee benefits

Including U.S. other employee benefits

Including total U.S. employee benefits

Including U.S. Pension

Pension

(in thousand euros)

PRESENT VALUE OF OBLIGATION At January 1, 2020

530,325

403,821

107,871

107,428

638,196

511,249

Reclassification

(87)

-

-

-

(87)

-

Acquisition of subsidiaries

399

-

-

-

399

-

Period costs:

1,822

(5,236)

(16,232)

(16,359)

(14,410)

(21,595)

Current service costs •

10,613

6,062

1,359

1,238

11,972

7,300

Past service costs (including curtailment) •

(22,515)

(22,361)

(20,353)

(20,353)

(42,868)

(42,714)

Settlement •

470

-

-

-

470

-

Interest costs •

13,255

11,062

2,762

2,756

16,016

13,818

Benefits paid

(38,313)

(27,939)

(3,299)

(3,145)

(41,611)

(31,083)

Actuarial difference on gross obligation

52,216

47,076 50,887 (3,812)

9,573

9,573

61,789

56,649

Financial assumptions •

56,299 (4,083)

16,362 (6,789)

16,369 (6,796)

72,661

67,256

Demographic assumptions •

(10,873)

(10,608)

Taxes paid included in DBO

(622)

- - -

-

- - -

(622)

- - -

Contributions paid

7

-

7

Administrative expenses

(4)

-

(4)

Exchange differences

(40,595)

(35,640) 382,082

(9,832)

(9,797) 87,700

(50,427)

(45,437) 469,782

At December 31, 2020

A 505,149

88,081

593,230

FAIR VALUE OF PLAN ASSETS At January 1, 2020

474,608

397,172

-

-

474,608

397,172

Reclassification

(87)

(87)

Total period income:

12,418

10,839 10,839

-

- - -

12,418

10,839 10,839

Interest income •

12,418

- -

12,418

Curtailment and settlement •

-

-

-

-

Benefits paid

(34,334)

(27,939)

(3,145)

(3,145)

(37,478)

(31,083)

Contributions paid by participants

7

-

-

-

7

-

Contributions paid by employer

10,119

4,081

3,145

3,145

13,264

7,226

Taxes paid from plan assets

(622)

-

-

- - - - -

(622)

-

Administrative expenses

(1,084)

(975)

-

(1,084)

(975)

Return on assets (excluding interest income)

47,963

45,052

- - -

47,963

45,052

Exchange differences

(38,168)

(34,163) 394,068

(38,168)

(34,163) 394,068

At December 31, 2020

B 470,821

470,821

NET LIABILITY IN THE BALANCE SHEET AS OF AT DECEMBER 31, 2020 NET LIABILITY IN THE BALANCE SHEET AS OF AT DECEMBER 31, 2019

C = A-B 34,328

(11,986)

88,081

87,700

122,409

75,714

55,717

6,649

107,871

107,428

163,588

114,077

244

• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •